/FIRST ADD -- DA41365 -- Comerica Incorporated Earnings/

Jan 21, 2010, 07:54 ET from Comerica Incorporated


CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

Comerica Incorporated and Subsidiaries




























Three Months Ended


Years Ended



December 31,

September 30,

December 31,


December 31,


(in millions, except per share data)

2009

2009

2008


2009



2008


PER COMMON SHARE AND COMMON STOCK DATA













Diluted net income (loss)

$         (0.41)  


$         (0.10)  


$          0.02   



$          (0.77)  



$           1.29   


Cash dividends declared

0.05   


0.05   


0.33   



0.20   



2.31   


Common shareholders' equity (at period end)

31.82   


31.90   


33.31   





















Average diluted shares (in thousands)

151,516   


151,478   


150,834   



151,460   



151,035   


KEY RATIOS













Return on average common shareholders' equity

(5.10)  

%

(1.27)  

%

0.19   

%


(2.37)  

%


3.79   

%

Return on average assets

(0.19)  


0.12   


0.12   



0.03   



0.33   


Tier 1 common capital ratio (a) (b)

8.18   


8.04   


7.08   








Tier 1 risk-based capital ratio (b)

12.46   


12.21   


10.66   








Total risk-based capital ratio (b)

16.93   


16.79   


14.72   








Leverage ratio (b)

13.22   


12.46   


11.77   








Tangible common equity ratio (a)

7.99   


7.96   


7.21   








AVERAGE BALANCES













Commercial loans

$       21,971   


$      23,401   


$      28,507   



$       24,534   



$       28,870   


Real estate construction loans

3,703   


4,033   


4,536   



4,140   



4,715   


Commercial mortgage loans

10,393   


10,359   


10,613   



10,415   



10,411   


Residential mortgage loans

1,664   


1,720   


1,851   



1,756   



1,886   


Consumer loans

2,517   


2,550   


2,639   



2,553   



2,559   


Lease financing

1,181   


1,218   


1,359   



1,231   



1,356   


International loans

1,324   


1,501   


1,833   



1,533   



1,968   


Total loans

42,753   


44,782   


51,338   



46,162   



51,765   















Earning assets

53,953   


57,513   


61,134   



58,162   



60,422   


Total assets

58,396   


61,948   


65,981   



62,809   



65,185   


Noninterest-bearing deposits

14,430   


13,225   


10,575   



12,900   



10,623   


Interest-bearing core deposits

22,312   


22,582   


22,523   



22,435   



23,739   


Total core deposits

36,742   


35,807   


33,098   



35,335   



34,362   


Common shareholders' equity

4,876   


4,923   


5,206   



4,959   



5,166   


Total shareholders' equity

7,024   


7,065   


6,301   



7,099   



5,442   


NET INTEREST INCOME













Net interest income (fully taxable equivalent basis) (c)

$            398   


$           387   


$           434   



$         1,575   



$         1,821   


Fully taxable equivalent adjustment

2   


2   


3   



8   



6   


Net interest margin (c) (d)

2.94   

%

2.68   

%

2.82   

%


2.72   

%


3.02   

%

CREDIT QUALITY













Nonaccrual loans

$         1,163   


$        1,194   


$           917   








Reduced-rate loans

18   


2   


-   








Total nonperforming loans

1,181   


1,196   


917   








Foreclosed property

111   


109   


66   








Total nonperforming assets

1,292   


1,305   


983   





















Loans past due 90 days or more and still accruing

101   


161   


125   





















Gross loan charge-offs

233   


245   


144   



$            896   



$            500   


Loan recoveries

8   


6   


11   



27   



29   


Net loan charge-offs

225   


239   


133   



869   



471   


Lending-related commitment charge-offs

-   


-   


-   



-   



1   


Total net credit-related charge-offs

225   


239   


133   



869   



472   















Allowance for loan losses

985   


953   


770   








Allowance for credit losses on lending-related commitments

37   


35   


38   








Total allowance for credit losses

1,022   


988   


808   





















Allowance for loan losses as a percentage of total loans

2.34   

%

2.19   

%

1.52   

%







Net loan charge-offs as a percentage of average total loans

2.10   


2.14   


1.04   



1.88   

%


0.91   

%

Net credit-related charge-offs as a percentage of average total loans

2.10   


2.14   


1.04   



1.88   



0.91   


Nonperforming assets as a percentage of total loans and foreclosed property

3.06   


2.99   


1.94   








Allowance for loan losses as a percentage of total nonperforming loans

83   


80   


84   





















(a) See Reconciliation of Non-GAAP Financial Measures.

(b) December 31, 2009 ratios are estimated

(c) Year-to-date 2008 net interest income declined $38 million due to tax-related non-cash lease income charges. Excluding these charges, the net interest margin would have been 3.08%

    for the year ended December 31, 2008.

(d) Excess liquidity, represented by average balances deposited with the Federal Reserve Bank, reduced the net interest margin by 13 basis points, 16 basis points and 11 basis points in the

    fourth quarter 2009, third quarter 2009 and full-year 2009, respectively.  Excluding excess liquidity, the net interest margin would have been 3.07%, 2.84% and 2.83% in each respective

    period.  Excess liquidity reduced the net interest margin by 3 basis points and one basis point in the fourth quarter 2008 and full-year 2008, respectively.



CONSOLIDATED BALANCE SHEETS (unaudited)

Comerica Incorporated and Subsidiaries













December 31,

September 30,

December 31,

(in millions, except share data)

2009

2009

2008





ASSETS




Cash and due from banks

$               774 

$                 799 

$               913 






Federal funds sold and securities purchased under agreements to resell

202 

Interest-bearing deposits with banks

4,843 

2,219 

2,308 

Other short-term investments

138 

142 

158 






Investment securities available-for-sale

7,416 

8,882 

9,201 






Commercial loans

21,690 

22,546 

27,999 

Real estate construction loans

3,461 

3,870 

4,477 

Commercial mortgage loans

10,457 

10,380 

10,489 

Residential mortgage loans

1,651 

1,679 

1,852 

Consumer loans

2,511 

2,544 

2,592 

Lease financing

1,139 

1,197 

1,343 

International loans

1,252 

1,355 

1,753 


Total loans

42,161 

43,571 

50,505 

Less allowance for loan losses

(985)

(953)

(770)


Net loans

41,176 

42,618 

49,735 






Premises and equipment

644 

657 

683 

Customers' liability on acceptances outstanding

11 

12 

14 

Accrued income and other assets

4,261 

4,261 

4,334 


Total assets

$          59,263 

$            59,590 

$          67,548 






LIABILITIES AND SHAREHOLDERS' EQUITY




Noninterest-bearing deposits

$          15,871 

$            13,888 

$          11,701 






Money market and NOW deposits

14,450 

13,556 

12,437 

Savings deposits

1,342 

1,331 

1,247 

Customer certificates of deposit

6,413 

7,466 

8,807 

Other time deposits

1,047 

2,801 

7,293 

Foreign office time deposits

542 

572 

470 


Total interest-bearing deposits

23,794 

25,726 

30,254 


Total deposits

39,665 

39,614 

41,955 






Short-term borrowings

462 

425 

1,749 

Acceptances outstanding

11 

12 

14 

Accrued expenses and other liabilities

1,036 

1,252 

1,625 

Medium- and long-term debt

11,060 

11,252 

15,053 


Total liabilities

52,234 

52,555 

60,396 






Fixed rate cumulative perpetual preferred stock, series F,




  no par value, $1,000 liquidation value per share:




    Authorized - 2,250,000 shares




    Issued - 2,250,000 shares at 12/31/09, 9/30/09 and 12/31/08

2,151 

2,145 

2,129 

Common stock - $5 par value:




    Authorized - 325,000,000 shares




    Issued - 178,735,252 shares at 12/31/09, 9/30/09 and 12/31/08  

894 

894 

894 

Capital surplus

740 

738 

722 

Accumulated other comprehensive loss

(336)

(361)

(309)

Retained earnings

5,161 

5,205 

5,345 

Less cost of common stock in treasury - 27,555,623 shares at 12/31/09, 27,620,576 shares




    at 9/30/09 and 28,244,967 shares at 12/31/08

(1,581)

(1,586)

(1,629)


Total shareholders' equity

7,029 

7,035 

7,152 


Total liabilities and shareholders' equity

$          59,263 

$            59,590 

$          67,548 



CONSOLIDATED STATEMENTS OF INCOME (unaudited)

Comerica Incorporated and Subsidiaries















Three Months Ended

Years Ended



December 31,

December 31,

(in millions, except per share data)

2009

2008

2009

2008







INTEREST INCOME





Interest and fees on loans

$          424 

$          612 

$       1,767 

$       2,649 

Interest on investment securities

53 

101 

329 

389 

Interest on short-term investments

13 


Total interest income

479 

716 

2,105 

3,051 







INTEREST EXPENSE





Interest on deposits

52 

158 

372 

734 

Interest on short-term borrowings

87 

Interest on medium- and long-term debt

31 

118 

164 

415 


Total interest expense

83 

285 

538 

1,236 


Net interest income

396 

431 

1,567 

1,815 

Provision for loan losses

257 

192 

1,083 

686 


Net interest income after provision for loan losses

139 

239 

484 

1,129 







NONINTEREST INCOME





Service charges on deposit accounts

56 

55 

228 

229 

Fiduciary income

38 

47 

161 

199 

Commercial lending fees

21 

16 

79 

69 

Letter of credit fees

19 

17 

69 

69 

Card fees

14 

13 

51 

58 

Foreign exchange income

11 

41 

40 

Bank-owned life insurance

35 

38 

Brokerage fees

12 

31 

42 

Net securities gains

10 

243 

67 

Other noninterest income

29 

(6)

112 

82 


Total noninterest income

214 

174 

1,050 

893 







NONINTEREST EXPENSES





Salaries

174 

187 

687 

781 

Employee benefits

51 

53 

210 

194 

    Total salaries and employee benefits

225 

240 

897 

975 

Net occupancy expense

43 

42 

162 

156 

Equipment expense

16 

16 

62 

62 

Outside processing fee expense

23 

27 

97 

104 

FDIC insurance expense

15 

90 

16 

Software expense

23 

19 

84 

76 

Other real estate expense

22 

48 

10 

Legal fees

12 

10 

37 

29 

Litigation and operational losses

10 

103 

Customer services

13 

Provision for credit losses on lending-related commitments

(2)

(1)

18 

Other noninterest expenses

38 

42 

159 

189 


Total noninterest expenses

424 

411 

1,649 

1,751 

Income (loss) from continuing operations before income taxes

(71)

(115)

271 

Provision (benefit) for income taxes

(42)

(17)

(131)

59 

Income (loss) from continuing operations

(29)

19 

16 

212 

Income from discontinued operations, net of tax

NET INCOME (LOSS)  

(29)

20 

17 

213 

Preferred stock dividends

33 

17 

134 

17 

Net income (loss) applicable to common stock

$          (62)

$              3 

$        (117)

$          196 







Basic earnings per common share:





     Income (loss) from continuing operations

$       (0.41)

$         0.01 

$       (0.78)

$         1.29 

     Net income (loss)

(0.41)

0.02 

(0.77)

1.30 







Diluted earnings per common share:





    Income (loss) from continuing operations

(0.41)

0.01 

(0.78)

1.29 

    Net income (loss)

(0.41)

0.02 

(0.77)

1.29 







Cash dividends declared on common stock

50 

30 

348 

Cash dividends declared per common share

0.05 

0.33 

0.20 

2.31 



CONSOLIDATED QUARTERLY STATEMENTS OF INCOME (unaudited)

Comerica Incorporated and Subsidiaries































Fourth

Third

Second

First

Fourth


Fourth Quarter 2009

Compared To:




Quarter

Quarter

Quarter

Quarter

Quarter


Third Quarter 2009


Fourth Quarter 2008


(in millions, except per share data)

2009

2009

2009

2009

2008


Amount

Percent


Amount

Percent















INTEREST INCOME













Interest and fees on loans

$       424   

$       444   

$       447   

$       452   

$       612   


$        (20)  

(4)  

%

$      (188)  

(31)  

%

Interest on investment securities

53   

64   

103   

109   

101   


(11)  

(18)  


(48)  

(48)  


Interest on short-term investments

2   

3   

2   

2   

3   


(1)  

(25)  


(1)  

(21)  



Total interest income

479   

511   

552   

563   

716   


(32)  

(6)  


(237)  

(33)  
















INTEREST EXPENSE













Interest on deposits

52   

89   

106   

125   

158   


(37)  

(43)  


(106)  

(68)  


Interest on short-term borrowings

-   

-   

-   

2   

9   


-   

(63)  


(9)  

(99)  


Interest on medium- and long-term debt

31   

37   

44   

52   

118   


(6)  

(15)  


(87)  

(74)  



Total interest expense

83   

126   

150   

179   

285   


(43)  

(34)  


(202)  

(71)  



Net interest income

396   

385   

402   

384   

431   


11   

3   


(35)  

(8)  


Provision for loan losses

257   

311   

312   

203   

192   


(54)  

(17)  


65   

34   



Net interest income after provision














      for loan losses

139   

74   

90   

181   

239   


65   

89   


(100)  

(41)  
















NONINTEREST INCOME













Service charges on deposit accounts

56   

59   

55   

58   

55   


(3)  

(6)  


1   

1   


Fiduciary income

38   

40   

41   

42   

47   


(2)  

(2)  


(9)  

(18)  


Commercial lending fees

21   

21   

19   

18   

16   


-   

3   


5   

33   


Letter of credit fees

19   

18   

16   

16   

17   


1   

6   


2   

8   


Card fees

14   

13   

12   

12   

13   


1   

3   


1   

2   


Foreign exchange income

11   

10   

11   

9   

7   


1   

-   


4   

38   


Bank-owned life insurance

9   

8   

10   

8   

9   


1   

10   


-   

3   


Brokerage fees

7   

7   

8   

9   

12   


-   

(8)  


(5)  

(40)  


Net securities gains

10   

107   

113   

13   

4   


(97)  

(90)  


6   

N/M


Other noninterest income

29   

32   

13   

38   

(6)  


(3)  

(7)  


35   

N/M



Total noninterest income

214   

315   

298   

223   

174   


(101)  

(32)  


40   

23   
















NONINTEREST EXPENSES













Salaries


174   

171   

171   

171   

187   


3   

2   


(13)  

(7)  


Employee benefits

51   

51   

53   

55   

53   


-   

2   


(2)  

(3)  


    Total salaries and employee benefits

225   

222   

224   

226   

240   


3   

2   


(15)  

(6)  


Net occupancy expense

43   

40   

38   

41   

42   


3   

6   


1   

2   


Equipment expense

16   

15   

15   

16   

16   


1   

3   


-   

(5)  


Outside processing fee expense

23   

24   

25   

25   

27   


(1)  

(6)  


(4)  

(17)  


FDIC insurance expense

15   

15   

45   

15   

7   


-   

-   


8   

N/M


Software expense

23   

21   

20   

20   

19   


2   

8   


4   

18   


Other real estate expense

22   

10   

9   

7   

5   


12   

N/M


17   

N/M


Legal fees

12   

8   

10   

7   

10   


4   

41   


2   

24   


Litigation and operational losses

3   

3   

2   

2   

3   


-   

(27)  


-   

5   


Customer services

2   

1   

1   

-   

2   


1   

31   


-   

(27)  


Provision for credit losses on lending-related commitments

2   

2   

(4)  

(1)  

(2)  


-   

(19)  


4   

N/M


Other noninterest expenses

38   

38   

44   

39   

42   


-   

13   


(4)  

(5)  



Total noninterest expenses

424   

399   

429   

397   

411   


25   

6   


13   

3   


Income (loss) from continuing operations before income taxes

(71)  

(10)  

(41)  

7   

2   


(61)  

N/M


(73)  

N/M


Provision (benefit) for income taxes

(42)  

(29)  

(59)  

(1)  

(17)  


(13)  

(48)  


(25)  

N/M


Income (loss) from continuing operations

(29)  

19   

18   

8   

19   


(48)  

N/M


(48)  

N/M


Income from discontinued operations, net of tax

-   

-   

-   

1   

1   


-   

N/M


(1)  

(92)  


NET INCOME (LOSS)  

(29)  

19   

18   

9   

20   


(48)  

N/M


(49)  

N/M


Preferred stock dividends

33   

34   

34   

33   

17   


(1)  

-   


16   

95   


Net income (loss) applicable to common stock

$        (62)  

$        (15)  

$       (16)  

$        (24)  

$           3   


$        (47)  

N/M

%

$        (65)  

N/M

%















Basic earnings per common share:













     Income (loss) from continuing operations

$     (0.41)  

$     (0.10)  

$    (0.11)  

$     (0.16)  

$      0.01   


$     (0.31)  

N/M

%

$     (0.42)  

N/M

%

     Net income (loss)

(0.41)  

(0.10)  

(0.10)  

(0.16)  

0.02   


(0.31)  

N/M


(0.43)  

N/M
















Diluted earnings per common share:













    Income (loss) from continuing operations

(0.41)  

(0.10)  

(0.11)  

(0.16)  

0.01   


(0.31)  

N/M


(0.42)  

N/M


    Net income (loss)

(0.41)  

(0.10)  

(0.10)  

(0.16)  

0.02   


(0.31)  

N/M


(0.43)  

N/M
















Cash dividends declared on common stock

8   

7   

8   

7   

50   


1   

2   


(42)  

(85)  


Cash dividends declared per common share

0.05   

0.05   

0.05   

0.05   

0.33   


-   

-   


(0.28)  

(85)  
















N/M - Not meaningful















ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)

Comerica Incorporated and Subsidiaries
































2009


2008

(in millions)


4th Qtr


3rd Qtr


2nd Qtr



1st Qtr


4th Qtr















Balance at beginning of period


$       953   


$        880   


$         816   



$        770   


$        712   















Loan charge-offs:













   Commercial


114   


113   


88   



61   


66   


   Real estate construction:













       Commercial Real Estate business line (a)


33   


63   


81   



57   


35   


       Other business lines (b)


-   


1   


-   



-   


-   


         Total real estate construction


33   


64   


81   



57   


35   


   Commercial mortgage:













       Commercial Real Estate business line (a)


27   


24   


23   



16   


21   


       Other business lines (b)


25   


15   


23   



18   


8   


         Total commercial mortgage


52   


39   


46   



34   


29   


   Residential mortgage


6   


11   


2   



2   


5   


   Consumer


9   


7   


12   



6   


7   


   Lease financing


6   


6   


24   



-   


1   


   International


13   


5   


4   



1   


1   


       Total loan charge-offs


233   


245   


257   



161   


144   
















Recoveries on loans previously charged-off:













   Commercial


7   


3   


5   



3   


6   


   Real estate construction


-   


1   


-   



-   


1   


   Commercial mortgage


1   


-   


2   



-   


2   


   Residential mortgage


-   


-   


-   



-   


-   


   Consumer


-   


1   


-   



1   


1   


   Lease financing


-   


-   


1   



-   


-   


   International


-   


1   


1   



-   


1   


       Total recoveries


8   


6   


9   



4   


11   


Net loan charge-offs


225   


239   


248   



157   


133   


Provision for loan losses


257   


311   


312   



203   


192   


Foreign currency translation adjustment


-   


1   


-   



-   


(1)  


Balance at end of period 


$       985   


$        953   


$         880   



$        816   


$        770   
















Allowance for loan losses as a percentage of total loans


2.34   

%

2.19   

%

1.89   

%

1.68   

%

1.52   

%















Net loan charge-offs as a percentage of average total loans


2.10   


2.14   


2.08   



1.26   


1.04   
















Net credit-related charge-offs as a percentage of average total loans


2.10   


2.14   


2.08   



1.26   


1.04   


(a) Primarily charge-offs of loans to real estate investors and developers.

(b) Primarily charge-offs of loans secured by owner-occupied real estate.



ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS (unaudited)

Comerica Incorporated and Subsidiaries






























2009


2008

(in millions)


4th Qtr


3rd Qtr


2nd Qtr



1st Qtr


4th Qtr














Balance at beginning of period


$         35 


$          33 


$           37 



$          38 


$          40 

Less: Charge-offs on lending-related commitments (a)







Add: Provision for credit losses on lending-related commitments




(4)



(1)


(2)

Balance at end of period


$         37 


$          35 


$           33 



$          37 


$          38 














Unfunded lending-related commitments sold


$            - 


$             1 


$              - 



$             - 


$             - 

(a) Charge-offs result from the sale of unfunded lending-related commitments.



NONPERFORMING ASSETS (unaudited)

Comerica Incorporated and Subsidiaries



























2009


2008


(in millions)

4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr














SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS











Nonaccrual loans:











   Commercial

$           238   


$           290   


$           327   


$           258   


$           205   


   Real estate construction:











       Commercial Real Estate business line (a)

507   


542   


472   


426   


429   


       Other business lines (b)

4   


4   


4   


5   


5   


           Total real estate construction

511   


546   


476   


431   


434   


   Commercial mortgage:











       Commercial Real Estate business line (a)

127   


137   


134   


131   


132   


       Other business lines (b)

192   


161   


175   


138   


130   


           Total commercial mortgage

319   


298   


309   


269   


262   


   Residential mortgage

48   


27   


7   


8   


7   


   Consumer

12   


8   


7   


8   


6   


   Lease financing

13   


18   


-   


2   


1   


   International

22   


7   


4   


6   


2   


           Total nonaccrual loans

1,163   


1,194   


1,130   


982   


917   


Reduced-rate loans

18   


2   


-   


-   


-   


           Total nonperforming loans

1,181   


1,196   


1,130   


982   


917   


Foreclosed property

111   


109   


100   


91   


66   


           Total nonperforming assets

$        1,292   


$        1,305   


$        1,230   


$        1,073   


$           983   














Nonperforming loans as a percentage of total loans

2.80   

%

2.74   

%

2.43   

%

2.02   

%

1.82   

%

Nonperforming assets as a percentage of total loans











   and foreclosed property

3.06   


2.99   


2.64   


2.20   


1.94   


Allowance for loan losses as a percentage











   of total nonperforming loans        

83   


80   


78   


83   


84   


Loans past due 90 days or more and still accruing

$           101   


$           161   


$           210   


$           207   


$           125   


























ANALYSIS OF NONACCRUAL LOANS











Nonaccrual loans at beginning of period

$        1,194   


$        1,130   


$           982   


$           917   


$           863   


    Loans transferred to nonaccrual (c)

266   


361   


419   


241   


258   


    Nonaccrual business loan gross charge-offs (d)

(218)  


(226)  


(242)  


(153)  


(132)  


    Loans transferred to accrual status (c)

-   


(4)  


-   


(4)  


(11)  


    Nonaccrual business loans sold (e)

(10)  


(41)  


(10)  


(3)  


(14)  


    Payments/Other (f)

(69)  


(26)  


(19)  


(16)  


(47)  


Nonaccrual loans at end of period

$        1,163   


$        1,194   


$        1,130   


$           982   


$           917   














(a) Primarily loans to real estate investors and developers.











(b) Primarily loans secured by owner-occupied real estate.











(c) Based on an analysis of nonaccrual loans with book

    balances greater than $2 million.











(d) Analysis of gross loan charge-offs:























     Nonaccrual business loans

$           218   


$           226   


$           242   


$           153   


$           132   


     Performing watch list loans

-   


1   


1   


-   


-   


     Consumer and residential mortgage loans

15   


18   


14   


8   


12   



Total gross loan charge-offs

$           233   


$           245   


$           257   


$           161   


$           144   


(e) Analysis of loans sold:























     Nonaccrual business loans

$             10   


$             41   


$             10   


$               3   


$             14   


     Performing watch list loans

1   


24   


6   


-   


-   



Total loans sold

$             11   


$             65   


$             16   


$               3   


$             14   


(f) Includes net changes related to nonaccrual loans with balances less than $2 million, payments on non-accrual loans with book balances greater than $2 million

   and transfers of nonaccrual loans to foreclosed property. Excludes business loan gross charge-offs and business nonaccrual loans sold.



ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

Comerica Incorporated and Subsidiaries

























Years Ended



December 31, 2009


December 31, 2008



Average


Average


Average


Average

(dollar amounts in millions)

Balance

Interest

Rate


Balance

Interest

Rate












Commercial loans (a) (b)

$             24,534   

$             890   

3.63   

%


$             28,870   

$          1,468   

5.08   

%

Real estate construction loans

4,140   

121   

2.92   



4,715   

231   

4.89   


Commercial mortgage loans

10,415   

437   

4.20   



10,411   

580   

5.57   


Residential mortgage loans

1,756   

97   

5.53   



1,886   

112   

5.94   


Consumer loans

2,553   

94   

3.68   



2,559   

130   

5.08   


Lease financing (c)

1,231   

40   

3.25   



1,356   

8   

0.59   


International loans

1,533   

58   

3.79   



1,968   

101   

5.13   


Business loan swap income

-   

34   

-